WASHINGTON—The House Ways and Means Committee wrapped up its markup on its reconciliation bill Wednesday morning, leaving the CU tax exemption intact.
America's Credit Unions' advocacy team was on-site for the markup, and monitored through the night for any amendments that could impact credit unions, ACU said.
“No amendment was offered that would change credit unions' tax status. The bill now heads to the House Budget Committee, which will compile the full reconciliation package for House consideration,” ACU said.
“Thank you to Chairman Jason Smith and the House Ways and Means Committee for recognizing the immense value credit unions have on communities and securing the credit union tax status,” said Jim Nussle, America’s Credit Unions president/CEO. “This is a major victory for 142 million hardworking American families and small businesses who rely on credit unions, as it allows these community-first institutions to continue to serve Main Street America without limitation. America’s Credit Unions remains committed to protecting its members from tax hikes that will hurt them and the U.S. economy.”
Nussle outlined ACU's efforts to protect the credit union tax status in an exclusive interview with CUToday.info.
"America's Credit Unions and the credit union industry will continue these unified advocacy efforts throughout the reconciliation process to ensure the Trump Administration and lawmakers recognize the value of and secure the credit union tax status in final legislation," ACU said.
The Defense Credit Union Council thanked its members and industry partners for getting credit unions to this point.
“We also thank Chairman Jason Smith and the House Ways and Means Committee for preserving the industry's well earned tax-exempt status,” said DCUC President and CEO Anthony Hernandez. “Many of us started on this process months ago when nobody was focused on challenging banker narratives. I am happy that we have united as an industry to protect 142 million Americans from an unnecessary tax. However, the fight is not over and we cannot let up until the President signs the bill into law.”
Hernandez outlined DCUC's efforts to protect the movement's tax break, and what is needed among the entire industry to preserve the tax status, in an exclusive interview with CUToday.info.